Based on the information above, is there anything obvious that "sticks out" as to why the "credit mix" is considered only "fair" (again, in contrast to all else being excellent)?

Thank you,

Tom

FICO does score each of the categories in the percentages you mentioned above.

However, from your description of the report you're referring to, it sounds like you may have a non-FICO score because reports you get from myFICO.com do not grade your "Credit Mix" on a "Excellent, Fair, etc" basis. Those grades are used in other scoring model reports such as Vantage scores - but their score category wieghts (e.g. 10% for Types of Credit) may be different from the FICO model.

To get an accurate idea of what your FICO really is, you might consider getting your EQ or TU report from this site.

Re: FICO Score Breakdown (i.e., "Credit Mix")

Your score and your credit report are part of the same score report? I ask because I don't remember a myFICO report commenting on the credit mix. Did you get it from the Equifax web site? If so, is the score explicitly listed as a FICO score rather than a credit score?

Your credit mix certainly looks excellent to me. As you noted, its impact is small. And if the score is EQ FICO, it's unlikely to increase no matter what, as you have joined a handful of EQ 817 people who have hit the ceiling. Congratulations!

Re: FICO Score Breakdown (i.e., "Credit Mix")

Leaving aside the fako vs fico thing, there is one element missing from your mix: uncollateralized installment debt. Mortgages and auto loans are considered collateralized (or "secured", though that term freaks out people on this board) because if you default, there is a physical asset the lender can recover. Personal loans are considered uncollateralized or unsecured, because there is nothing to recover if you default. FICO does consider this a separate category. This past July, I took out a personal loan for some home renovation (not a home equity loan). Despite it being a new account, which would usually drop your score, my score went up by 15 points. Nothing else changed. I have no idea if the impact would be that big for someone already over 800, as I was in the 690s when I did it.

Re: FICO Score Breakdown (i.e., "Credit Mix")

Cdnewmanpac wrote:

Leaving aside the fako vs fico thing, there is one element missing from your mix: uncollateralized installment debt. Mortgages and auto loans are considered collateralized (or "secured", though that term freaks out people on this board) because if you default, there is a physical asset the lender can recover. Personal loans are considered uncollateralized or unsecured, because there is nothing to recover if you default. FICO does consider this a separate category. This past July, I took out a personal loan for some home renovation (not a home equity loan). Despite it being a new account, which would usually drop your score, my score went up by 15 points. Nothing else changed. I have no idea if the impact would be that big for someone already over 800, as I was in the 690s when I did it.

Seriously? This may answer my question for what to do with my unsecured personal loan when I'm looking to apply for an auto loan in the spring. I planned to pay it off with taxes, but maybe I'll pay off all but a portion and milk it for a bit longer. That's really interesting

Re: FICO Score Breakdown (i.e., "Credit Mix")

Based upon the info in the original post, the score is NOT a FICO score. It is likely an Equifax score although it is possible to buy a real FICO score on the Equifax web site. Look at the report again and let us know.

Re: FICO Score Breakdown (i.e., "Credit Mix")

Jutz wrote:

Cdnewmanpac wrote:

Leaving aside the fako vs fico thing, there is one element missing from your mix: uncollateralized installment debt. Mortgages and auto loans are considered collateralized (or "secured", though that term freaks out people on this board) because if you default, there is a physical asset the lender can recover. Personal loans are considered uncollateralized or unsecured, because there is nothing to recover if you default. FICO does consider this a separate category. This past July, I took out a personal loan for some home renovation (not a home equity loan). Despite it being a new account, which would usually drop your score, my score went up by 15 points. Nothing else changed. I have no idea if the impact would be that big for someone already over 800, as I was in the 690s when I did it.

Seriously? This may answer my question for what to do with my unsecured personal loan when I'm looking to apply for an auto loan in the spring. I planned to pay it off with taxes, but maybe I'll pay off all but a portion and milk it for a bit longer. That's really interesting

Re: FICO Score Breakdown (i.e., "Credit Mix")

GregB -- I think you're right. Mine is called an Equifax Credit Score. However, it is somewhat consistent (+/- 2 points) with TransUnions and Experian's credit scores.

It's my understanding that lenders "look" at the 3 major credit bureaus. While MyFICO.com is a great site, I'm not sure if lenders would consider it a superceding site (in respect to the 3 credit bureaus). Am I right or wrong w/ this viewpoint? (latter is a serious questions... I'm not being facetious).

In the end, whether it's called "FICO score", "Beacon score", "Equifax Score" or else -- I'd like to make sure that I watch/monitor the score that's most authoritative. Besides, even if my Equifax score is not a true FICO score, I couldn't image there would be a huge difference as far as points is concerned.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation.
Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies.
Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
FTC's website on credit.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.